German value-add portfolio “Artemis”: SFO Group and Swiss Life Asset Managers set up international joint venture
Swiss Life Asset Managers have sold a majority ownership stake of the German value-add office portfolio “Artemis” to SFO Group, a Lebanese based multi-family office and global real estate investment company. SFO Group and Swiss Life Asset Managers will remain co-investment partners throughout the hold period. CORPUS SIREO Real Estate, Member of Swiss Life Asset Managers in Germany, will continue to be responsible for the portfolio as local asset manager.
Swiss Life Asset Managers purchased the Artemis portfolio in March 2018 from Goldman Sachs. The portfolio consists of 11 office properties, predominantly located in North Rhine Westphalia and the Rhine-Maine Area. Its total floor area amounts to roughly 108,000 square meters.
As a result of active asset management measures, a number of value-enhancing effects have already been achieved for the portfolio since the takeover. The key objective is to further reduce existing vacancies and to carry out essential modernization measures.
“We are delighted to set up this new international relationship with SFO Group, as a seasoned global real estate investor now entering the German market”, says Benjamin Koch, Managing Director at CORPUS SIREO. “This is a further milestone underpinning Swiss Life Asset Managers’ ability to raise third party equity on a cross-border basis and therefore to provide access for our partners to European real estate products.”
SFO Group, just being named as “Best Real Estate Investment Company” at the World Finance Awards 2018 a few weeks ago, has taken on this opportunity to gain a footprint in Germany – with the perspective of enlarging the exposure. Commenting on the Transaction, Mario Saradar, Chairman and CEO of Saradar Capital Holding, parent of SFO Group: “Our partnership with Swiss life Asset Managers is an important milestone for our Group in expanding its international real estate footprint and anchoring our German investment program with the leading European real estate asset manager”. Further commenting on the partnership, Mohamad Abouchalbak, CEO of SFO Group, said: “This transaction illustrates SFO Group’s capabilities in sourcing superior off-market transactions in highly competitive geographies with exceptional partners. We look forward to further developing our relationship with Swiss Life Asset Manager and collectively expand our portfolio in Europe.”
SWISS LIFE Asset Managers
Swiss Life Asset Managers has more than 160 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg and the UK.
As at 30 June 2018 assets under management for third-party clients amount to EUR 194.4 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at EUR 194,4 billion.
Swiss Life Asset Managers is the leading real estate manager in Europe*1. Of the assets totaling EUR 194,4 billion, EUR 47 billion is invested in real estate. In addition, Swiss Life Asset Managers has real estate under administration of EUR 25,2 billion through its subsidiaries Livit and Corpus Sireo. Total real estate under management and administration at the end of June 2018 thus came to EUR 72,2 billion.
Swiss Life Asset Managers employs about 1600 people in Europe.
Further information: www.swisslife.com
About SFO Capital Partners: SFO Capital Partners is a London-based global real estate investor and investment manager, committed to achieving superior risk-adjusted returns and focused on establishing and maintaining long-term relationships with its global clients and partners. SFO Capital Partners applies its global mindset, in-depth sector experience and local knowledge to unlock international real estate investment projects in Europe and the USA across a select range of investment strategies including income-generating, value-add and development schemes. As of June 2023, SFO Capital Partners has acquired a diversified portfolio comprising more than $2.2 billion in assets located primarily in the USA and Europe, including 7,000 apartments and more than 9.6 million square feet of commercial real estate under management.